The risk team at the productless lender overcame a number of issues, mainly arising from the borrower’s poor credit score and their inability to evidence all rental income.

The loan was provided at 65% LTV and was secured against two ex-local authority properties.

The borrower was also required to provide a personal guarantee because a debenture was not achievable.

The borrower intends to remortgage with a high street lender in two years’ time once they have improved their credit profile and the tenancies.

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During the process, Octane saved the client time and money by using a retype of valuations that had been carried out for another lender.

“This was a classic example of how a specialist lender that is prepared to dig deep and get to the bottom of a person’s circumstances can take a view and provide finance,” said Mark Posniak, managing director at Octane Capital (pictured above, third from left).

“Yes, this borrower had some issues, but we were comfortable with the underlying assets and their ultimate goal to get their finances in shape and refinance away to a term lender in a couple of years’ time.

“Loans that other lenders would give a wide berth to are generally our bread and butter.”